Rabat – Remittances from Moroccan expatriates reached record 115.3 billion dirhams in 2023 compared to 110.8 billion dirhams a year earlier, according to Morocco’s Foreign Exchange Office.

The average annual growth rate of these remittances over the 2020-2023 period was 19.2%, the Office pointed out in its annual report on Morocco’s balance of payments and international investment.

This upward trend was driven by more important remittances from the main host countries, namely Saudi Arabia (+47% or +3.9 MMDH), the United Arab Emirates (+24.8% or +1 MMDH) and the USA (+11.3% or +0.7 MMDH), the report detailed.

In terms of share, France remains the leading source country with a 30.8% share of total remittances, followed by Spain (12.6%), Saudi Arabia (10.7%) and Italy (9.2%).

Over the last five years, remittances from Canada recorded the highest average annual growth rate (+37%) followed by Saudi Arabia (+27.2%) and Spain (+26.2%).

Source: Agence Marocaine De Presse